Central Tokyo prices up 1.9% in 2010

On January 13th, 2011, Mitsui Fudosan announced the 2010 residential price movements. Prices in Tokyo rose 1.0% in 2010, compared with a 4.5% decline in 2009 after the Lehman Shock. This is the first increase since 2007. An improvement in economic conditions as well as the expansion in mortgage tax reductions were cited as reasons for the increase. For Tokyo's 23 Wards, the price increase was 1.9%. In Yokohama and Kawasaki, the prices increased by 0.4%.Read more

by Zoe Ward

Minato-ku apartment prices increased 61% over past decade

An apartment consulting company, Total Brain, has analyzed condominium apartment prices in Tokyo's central 6 wards (Minato, Shibuya, Shinjuku, Chiyoda, Chuo and Bunkyo ku) from the year 2000 to 2010.

The average apartment price in all of these areas has risen, but Shibuya had the lowest price increase. The area with the highest increase in average prices was Minato-ku with an increase of 61%.Read more

by Zoe Ward

Akasaka Prince Hotel Redevelopment Plans Announced

Akasaka Prince Hotel

Due to aging, increasing maintenance and competition from  foreign-owned hotels, the Grand Prince Hotel Akasaka will close in March, 2011 and will be demolished. Of the three buildings on the site, the oldest building dating from 1930 will be kept.

The current 139m 40-storey hotel was designed by Kenzo Tange and opened in 1983. It was hugely popular during the bubble, but lack of adequate maintenance and the introduction of foreign hotels to the market in the last decade has greatly reduced its appeal.Read more

by Zoe Ward

Tokyo Tatemono ties up with HSBC Premier

Tokyo Tatemono will be working together with HSBC to market new and second-hand apartments to wealthy foreigners primarily in Japan.

They will introduce the Brillia Series of apartments, as well as second-hand and investment properties to the Premier clients (those with savings and assets of over 10,000,000 JPY held with HSBC).Read more

by Zoe Ward

For Sale: 3 buildings owned by Japan Tobacco

roppongi-arents-exteriorJapan Tobacco have recently put three of their buildings in central Tokyo up for public sale and are currently accepting bids. The properties for sale are:

- Roppongi Arents (Residential)

- JT Ebisu Minami Building (Commercial)

- Alive Nanpeidai II Building (Commercial)Read more

by Zoe Ward

Asian buyers are top foreign purchasers in Japan

The Wall Street Journal has an interesting article on the shift among foreign buyers of Japanese real estate.

Asian buyers, both corporate and individual, made 18 real estate acquisitions in Japan in 2010 for a total of USD 372 million. US buyers made 3 deals totalling just USD 6 million.Read more

by Zoe Ward

The Omotesando Project

omotesando-project-dec-2010

Located at the Harajuku crossing and between the JR Railway lines and Co-Op Olympia, this 2,860sqm site has been sitting vacant for a few years now.

In August,2005, Raysum purchased the site and former building from Seibu Holdings and had plans for redevelopment. The total cost of the planned project was 40 billion JPY (an estimate from 2006 report).  Construction was initially scheduled to start in April, 2007 and be completed by March, 2009.Read more

by Zoe Ward